The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the Minister of State for Petroleum, Heineken Lokpobiri, to review the first phase of the naira-for-crude oil programme.
According to PETROAN spokesperson Joseph Obele, reviewing the deal which ends today is necessary to decide the next steps in the best interest of Nigerians.
Concerns Over Crude Oil Quality
Obele urged refinery operators to import only high-quality crude oil that meets international standards. He reminded them that Nigerian crude, known as sweet crude, is among the best in the world due to its low sulphur content.
He warned that importing poor-quality crude could reduce the standard of refined petroleum products, damage consumer trust, and hurt the local oil industry.
Possible Petrol Price Hike Feared
There are growing concerns that petrol prices could rise now that the naira-for-crude deal has ended. PETROAN called for continued support for refined product imports to help maintain stable fuel prices and energy supply.
They also asked regulators to carry out strict tests on all imported crude to make sure it meets required quality levels.
Hope for Price Stability Ahead
Despite the recent increase in petrol prices, PETROAN believes the rise is temporary. Obele said the government’s reforms under the Petroleum Industry Act (PIA) are expected to boost competition in the oil sector, which should help bring prices down in the long run.
The naira-for-crude programme began on 1 October 2024, allowing Nigerian refineries to pay for crude oil using local currency. The deal ended in March 2025, with talks ongoing for a possible new agreement.
Meanwhile, Dangote Petroleum Refinery said on 19th March that it has paused selling petroleum products in naira for now.
